What You Need to Know
Prosper offers a variety of ways to make loan payments. The most common way is through ACH transfers. You can set up autopay when you apply for the loan. Other payment options include paying over the phone, paying online, or mailing a check.
Prosper offers a variety of loans. Those include debt consolidation, home improvement, and small business loans. They offer military, special occasion, and vehicle loans. Some of the specific loans include adoptions, engagement rings, and baby loans. The Prosper website helps you know which loan is right for you.
There is a fee for making payments with a check. The fee is either five percent of your payment or $5, whichever is the least amount. You must add that fee into your payment. Otherwise, the money is withdrawn from the principal amount of your payment. Prosper applies the payment when the check arrives, not by the post date. To avoid late fees, mail the check with enough time.
Home Equity Lines of Credit are not available in all states. Currently, Prosper only offers these types of loans in Alabama, Florida, and Texas. The repayment length for HELOC loans is 10 or 15 years. The minimum monthly repayment is $75.
Qualifications to Apply for Prosper Loans
- Annual Income: Not specified
- Job History: Current job
- Debt-to-Income Ratio: <50%
- Minimum Credit Score: 640
- Credit History Length: Not specified
- Credit Bureau Inquiries: <5 in 6 months
- Bankruptcy History: >12 months
- Past Loan Denial: >120 days
- U.S. Citizenship Required: Yes
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Loan Details For Prosper
- Business Loans Offered: Yes
- Cosigner Loans Offered: No
- Joint Loans Offered: No
- APR Range: 6.95-35.99%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, check, online, phone
- Payments Due: Monthly
- Payment Methods Fees: Yes, for checks
- Smallest Loan: $2,000
- Largest Loan: $40,000
- Loan Term Lengths: 3-5 years
Additional Relevant Information
There are no other fees when applying for a loan with Prosper other than the origination fee. That fee is 2.4% to 5%, depending on your loan terms. When you apply for a loan, be sure to factor in the origination fee. This ensures you will receive enough money for your needs.
History and Achievements
Prosper started in 2005. It was the first peer-to-peer lending marketplace in the United States. This way of lending allows people to invest in each other. When someone applies for a loan with Prosper, investors can choose to invest in their loans. Investors receive returns on the money they invest, and borrowers receive their loan.
Over the years, Prosper has seen significant amounts of growth. They currently have:
- Over 952,500 loan customers
- $15 billion borrowed
- Over one million loans
Prosper is an entirely online bank. They offer loans to citizens across the United States.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for a loan online or over the phone by contacting customer service.
What is the lowest my credit score can be?
Prospers does not list a specific credit score.
What is the smallest loan amount available?
The minimum loan amount is $2,000.
What is the largest loan amount available?
The maximum amount for Prosper loans is $40,000.
What are the loan term lengths?
The term lengths range from three to five years.
Are the interest rates competitive?
Interest rates for Prosper loans range from 6.95% to 35.99%, depending on your qualifications.
Are the interest rates fixed?
Yes. Personal loans through Prosper offer fixed interest rates.
What types of loans are available?
Prosper offers debt consolidation, home improvement, and vehicle loans. They provide special occasion, short term, and small business loans. The Prosper website will help you decide which loan is best for your needs.
What information do I need to apply for a loan?
You must provide a bank account, social security number, and address. Other personal information is necessary to check your credit and apply for a loan.
How long does approval take?
Underwriting and verification usually take seven business days. Prosper investors have up to 14 days to agree to fund your loan.
How long will it take the money to enter my account after approval?
Once approved, your money is typically in your account within five business days.
If I have been denied a loan before, how long do I have to wait to apply again?
You must wait 120 days before you apply for a loan again through Prosper.
What are the payment options to repay my loan?
You can make payments through ACH transfers, checks, or over the phone. You can also make manual electronic transfers online through your account.
Can I pay my loan off early?
Yes. There is not a fee for paying more on your loan each month or paying your loan off early.
Is my information secure?
Prosper security measures comply with federal laws. Their buildings are secure. Their computers and files have safeguards.
Does this loan company offer a mobile app?
The Prosper website does not list an app.
How do I contact customer service?
Contact Prosper by phone, email, or mail. Customer service is open from 6 a.m. to 6 p.m. PT. You can follow Prosper on Facebook, Instagram, Twitter, and YouTube.
Bank Contact Information
Prosper
P.O. Box 396081
San Francisco, CA 94139-6081
866-615-6319
